Oregon Code § 725.360·Enacted ·Last updated March 01, 2026
Statute Text
Licensee duty toward borrowers.
Every licensee shall:
(1) Deliver to
the borrower at the time any loan is made a statement in the English language
showing in clear and distinct terms:
(a) The name and
address of the borrower and of the licensee.
(b) The amount
and the date of the loan and of its maturity or terms of payment.
(c) The rate of
interest agreed upon or consideration to be charged therefor.
(d) The nature of
the security for the loan, if a lien on personal property has been taken by
chattel mortgage, bill of sale, collateral agreement or otherwise.
(2) Make
available to the borrower upon request a plain and complete receipt for all
payments made on account of any such loan at the time such payments are
received by the licensee, specifying the amount applied to interest, if any,
the date to which the interest is paid, the amount applied to principal, if
any, and the unpaid principal balance of such loan, if any remains.
(3) Permit
payment to be made in advance in any amount on any loan at any time.
(4) Upon
repayment of the loan in full or upon renewal thereof, mark indelibly such
obligation signed by the borrower with the word Paid or Renewed. In the
case of repayment in full the licensee also shall do the following:
(a) To the extent
and in the manner required by law, release any mortgage or security agreement
that no longer secures a loan, and restore any security or collateral.
(b) Release any
Uniform Commercial Code filing that no longer secures a loan, to the extent and
in the manner required by ORS 79A.5130.
(c) Return any
assignment given by the borrower.
(d) Return to the
borrower the canceled note evidencing the loan or alternatively, acknowledge in
writing to the borrower that the loan has been repaid. [Amended by 1971 c.450 §4;
1973 c.428 §5; 1975 c.567 §3; 1987 c.650 §17; 2001 c.445 §182]